Nvidia vs. Broadcom: Whose AI Revenue Actually Grows Faster From Here?

Nvidia (NASDAQ: NVDA) and Broadcom (NASDAQ: AVGO) are both making a fortune from the artificial intelligence (AI) boom, but they're taking very different routes to the same gold mine. One is already enormous and everywhere, while the other is still kind of betting that a handful of customers will need a whole lot more custom silicon.

So whose AI revenue growth forecast will grow faster?

Image source: Getty Images.

What Nvidia is telling investors about AI

Nvidia's latest quarter shows what it looks like when a company sits at the center of an AI hardware boom. For the quarter ended July 26, 2026, Nvidia reported total revenue of $96.2 billion, up 18% from the prior quarter and 106% from a year ago. About $89 billion of that came from its data center segment.

On the earnings call, chief financial officer Colette Kress described that data center business as being driven by two types of customers: the big cloud providers, often called hyperscalers, and what Nvidia lumps together as "ACIE," which includes industrial and regular enterprises starting to build their own models. Hyperscale revenue was $49 billion, up 13% from the prior quarter, while the ACIE side grew even faster to $40 billion, up 25%.

Looking ahead, Nvidia gave two important clues. First, it guided total revenue for the next quarter to about $108 billion, plus or minus 2%, and said growth would be driven primarily by continued strength in the AI data center business. Second, and more unusual, management told investors it expects revenue to grow roughly 70% in fiscal 2028 and stressed that this number reflects what it thinks it can ship, not what customers want to buy. In other words, Nvidia believes demand is outpacing its ability to deliver hardware. To me, that is a confident but controlled outlook.

What Broadcom is promising on AI chips

Broadcom may not match Nvidia's scale, but its latest quarter shows the same AI-driven momentum.

For the quarter ended Aug. 2, Broadcom reported $29.6 billion in revenue, up 86% year over year. AI semiconductor sales accounted for $16.7 billion, more than half of total revenue, and surged 221% from a year earlier and 54% from the prior quarter.

Management also outlined an aggressive runway: about $58 billion in AI semiconductor revenue for fiscal 2026, up 186% from the prior year, followed by roughly $115 billion in fiscal 2027 and $230 billion in fiscal 2028, according to a Reuters report. Those are Broadcom's own projections, not outside analyst estimates.

Whose guide grows faster from here

Put side by side, Broadcom's forecast is clearly the more aggressive one. Its AI semiconductor revenue is projected to grow faster than Nvidia's on both a percentage basis and in absolute dollars.

Nvidia expects total revenue to grow about 70% in fiscal 2028, starting from an already enormous base of nearly $100 billion per quarter. The company does not report a stand-alone "AI revenue" figure, but data center revenue ($89 billion in the latest quarter) is a reasonable proxy, since that business is overwhelmingly driven by AI computing demand.

Broadcom expects AI semiconductor revenue to reach roughly $58 billion this year, then climb to about $115 billion in fiscal 2027 and $230 billion in fiscal 2028. In other words, Broadcom is forecasting one doubling, followed by another doubling.

That is a much steeper trajectory than 70% growth. So, if the narrow question is which company has the faster AI-revenue outlook from here, the answer is Broadcom. But the headline growth rate does not tell the whole story.

Nvidia and Broadcom are both riding the AI boom, but their growth stories look very different. Nvidia sells a broad range of chips and AI systems to everyone from cloud giants and governments to start-ups and enterprise customers, giving it a larger and more diversified base even as it works to keep up with demand for increasingly complex hardware.

Broadcom's AI opportunity is more concentrated: it relies on a smaller number of massive customers building custom chips at scale, according to Reuters reporting, a model that can deliver exceptional profits but also carries greater risk if a major buyer pulls back or changes direction.

Broadcom may offer the more eye-catching near-term growth forecast, but Nvidia's slower-but-broader expansion could prove more durable over the long run.

Micah Zimmerman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Broadcom and Nvidia. The Motley Fool has a disclosure policy.